OPINION | Tankers are slipping out of Hormuz, but normality remains far off

The Strait of Hormuz remains near-totally closed due to an ongoing US-Iran conflict, with tanker traffic running at roughly one-tenth of pre-war levels; around 65% of outbound laden tankers are transiting in "dark" (AIS-off) mode, severely distorting cargo visibility and market transparency. Over 13 million barrels per day of oil exports remain stranded in the Persian Gulf, with a slow and fragile drawdown underway, while insurance risks, logistical constraints, and potential Iranian tolling continue to threaten any return to normalcy.